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Can you get a car loan after filing for bankruptcy?
I had to file for bankruptcy a couple of months ago, but I was able to keep my old car. However, a tree fell on it and totaled it. I’m getting a payout from my insurance company, but it won’t be enough for a new car. Can you get a car loan after filing for bankruptcy?
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I’m sorry to hear that a tree has totaled your car. It is possible to get a car loan after filing for
bankruptcy
, but you will need to talk to your attorney and get approval from the courts. Because you’ve filed for bankruptcy, your pool of potential lenders is small. Talking to your attorney can help you find lenders who specialize in loans for those with a finalized bankruptcy. Other things that can help are making at least a 20% downpayment and finding a cosigner.
- Acosigneris someone with good credit who is willing to vouch for you and sign onto the loan. A cosigner is liable for the loan and is on the hook for paying if you’re unable to.
You’re going to have to rework your finances to cover this loan and prove that you can afford it to the court. Typically, you’ll need to provide the court with documents detailing your budget and the loan’s terms and conditions.
One way to save on expenses and help budget is with the
Jerry
app. Jerry collects quotes from 50+ top insurers to ensure you’re getting the best deal on your car insurance. View full answer
- Gregory R.
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